Before we start analyzing trades for the day, we would like you to click on this link, important information. One of the most important thing in the stock market is to understand yourself in as much as which class of trader/ investor you are; there being different sets of rules for different classes.
Now for the markets.
The overall trend of the market continues to be bullish. The key point for the day to determine the intra-day trend is at 6255. If the benchmark index stays above this level in the initial hour of trade with volumes conclusively then the overall market will remain bullish with resistances at 6280, 6300 and 6325. Otherwise, i.e. below the 6255 mark the nifty will soften a bit and consolidate with supports at 6235, 6210 and 6190.
Intra-day-traders may trade accordingly with stop loss for longs at 6248 and stop loss for shorts at 6282.
Short-term traders add longs with stop loss at 6240. They may consider going long in ONGC too with stop loss at 284. They may get out of ONGC when it trades around 312 levels.
Mid-term investors may consider buying Tata Motors @ 376.05 and ITC @ 304.95 and 291.95 in small quantities.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
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